GM to Sell 55% Stake in Opel to Magna and Sberbank

MUNICH -- General Motors said today it plans to sell a 55 percent stake in Opel to Magna International Inc. and its Russian banking partner Sberbank while continuing to work closely with the European unit. “The hard work over the past two weeks to clarify open issues and resolve details in the German financial package brought GM and its board of directors to recommend Magna/Sberbank,” GM CEO Fritz Henderson said in a statement. GM will “continue to closely collaborate with Opel and Vauxhall to develop and produce more great cars, such as the new Insignia and the new Astra,” Henderson said. Details of the Magna transaction were not immediately available and sources said there would be strings attached.
Source: Automotive News